, 1887-10-22

~ AAboANS CCCm IN " pOO0CC6Cis-UuO AODO
which shews itself in undaunted courage
and effort. And flour planters would but
expend some of their %undOnbted energy In
efforts to improve the scientific treatment
OF the land and the manufacture of their
sugar, we feel sure that in time their
efforts would be crowned with success.
There will, we, hope be a large crop to be
reaped next year. We wish that we could
with the same amount of reason express q
similar hope as to the amount that crop is
likely to fetch.
Facts are stubborn things and there
have recently been strong indications that
the close SYSTEM which has for so long
a time held sway in the appraiSement of
Estates in Chancery, is rapidly breaking
up. We considered it our duty, however
painful that duty might have been, to
draw attention, some months ago, to the
unwlsdom of pursuing the old system of
appraising Estates, by persons interested,
according to a well. understood pecuniary
scale. From time to time during the last
few months we have noticed that there
has been a gradual reduction made in that
traditional scale when Estates AVE been
appraised. On Saturday last, Holders
Estate, in the Parish of st. James, was
appraised to g5, 800, wheareas it was sold
out of the Court of Chancery some years
ago for ell 1000. It is of course a very sad
thing to note this depreciation
OF landed property in the Island. 1t is
Dig with future suffering for many a poor
widow and orphan, whose fall -in-alP has
been invested in sugar Estates on the faith
OF the large price which they fetched in
the market ten years ago. But, as we said
above, facts are stubborn things and the
facts Of the current history of the Island
prove unmistak ably that the old order of
things has passed away. Although it may
have been uhwise, yet, perhaps, it is
venlal when we consider the peculiar and
rami6ed interests bound up in the land,
if persons have been slow or unwilling to
admit to themselves that the pric' of land
in Barbados is deprecated 1t il clear,
however, from the last two or three APP
praiSementS of Estates in Ohancery, Of
which Holders last Saturday is u most
striking illustration, that this Truth is fast
coming home to the intelligence and con-
victiOn of the most sceptical. But even
Holders is said to be appraised at about
FL 600 over its intrinsic value at the pre-
sent day. Yet what most concerns us is
the proof which its appraiSment gives of
the gradual realisation of q tact which,
though bitter, must be calmly and stole
ally faced. Barbados can put sugar into
the market at a smaller cost than any
other West Indian Island, owing to her
command of cheap labor. When Estates
are appraised to be sold at a figure at
which they may be reasonably expected,
under good and efficient management, to
pay, there is better prospect of outsiders
investing their capital in the island.
Holders, 6 g., with an incubus of only
$40 per annum as interest, is more likely
to invite q purchaser than when the inte.
rest was double that sun. 1t is evident
that the OLD rule of thumb by which APP
praisers of Estates were guided hitherto,
viz, that of appraising properties at so
much per acre according to location, is no
longer a rule; but it does not appear that
:. any other. rule has taken its place. 1t
seems to us that a very safe rule by which
those persons who are commissioned to
appraise estates in Ohancery may be guild
ed for the future is this take the average
crop of the estate for the last FIVE years,
value that crop according to the market
price of produce, and subtract from it the
average cost of upkeep for the last FIVE
years, taking the balance as the value of
the estate. But we need something more.
Ii an estate has been appraised in the
Court of Chancery and remains nnsOld for
a certain time, the Court should then have
the power to fix, secretly, a reserved price;
and the Master in Chancery should be
empowered, either to receive offers In
writing and to accept any sum equal to or
greater than such reserved price, or other